The median sales price of a Greenwich single-family home is now $3.15MM. Our sales prices have steadily risen to about 50% higher than in 2020. Rental prices also increased. Most (usually 60% to 70%) of the homes closed with no mortgage. Mortgage rates are still near 6%. Some renters worry that they may never be able to afford to buy in Greenwich. Some renters gave up even looking at homes. Many put offers on homes that they felt were at a fair price and terms for that home, but still lost out on getting that home. They needed to bid with a “what’s it going to take to get it price and terms”. Dr Lawrence Yun, the economist for the National Association of Realtors, is saying we are not even close to being in a recession. It may still be a good time to do what you can to buy a home.
Many have believed the bubble would soon burst and prices would come down. They did not want to overpay for their homes. Actually, many homeowners were listing their homes to be “strategically-priced”, as advised by their listing agents, to attract the most buyers to come see that home and create a sense of urgency for buyers to move quickly to put in strong offers to win the bid at above-asking prices with few contingencies. Now, many buyers are working with lenders who can have them submit all the required paperwork to get completely pre-qualified, except for the appraisal, to prove they are qualified to buy a home.
For sellers, a lot of time, money, and energy are going into preparing their home for sale. It goes beyond just staging a home. It often involves a team to make a plan weeks ahead of putting the home on the market to eliminate perceived shortfalls and surprises that may come up when there is an accepted offer.
With so many homes being torn down, especially if it is a dated home but on an oversized lot, the best option may be to merely clean out the home to be marketed as a vacant home. Just clean up the yard to list it as a home as well as a lot. Instead, work on getting a current survey and just deal with any environmental issues, such as making sure there is no abandoned oil tank and that it has proper paperwork available if it was safely removed.
Some homeowners may want to have a pre-listing inspection done, which can be shown to potential buyers so they can comfortably bid with no inspection contingency. That would make a stronger offer.
Other sellers may just need to declutter and remove all personal things as well as items not going to their new home, get their contractors in to take care of any deferred-maintenance items, and trim bushes to let in the light and show off their home.
